Mall Operator Given Extra Time to Reorganize

05/03/2010 09:42

A federal judge on Wednesday granted General Growth Properties four more months of exclusivity to file its bankruptcy reorganization plan, giving the company, a mall operator, some breathing room as air jordan shoesit fends off an unsolicited $10 billion takeover bid from the Simon Property Group.
The four months is less than General Growth had requested,Nike Shox Shoes but still gives the company more time to prepare a complicated recapitalization proposal in which it is working with Brookfield Asset Management.
General Growth’s unsecured creditors committee, which has so Nike Air Max Shoesfar favored Simon’s plan over General Growth’s, and Simon have favored shortening the exclusivity period to at most 45 days.
During a hearing notable for its conviviality, Judge AllanAir Max L. Gropper praised General Growth’s management for having performed a “superb” job, rehabilitating the company to the point that it will seek a new stock listing on the New York Stock Exchange on Friday.
“We’re pleased with the outcome,” Thomas H. Nolan Jr., Air Max shoesGeneral Growth’s president, said after the hearing. “The judge clearly agreed with the plan that we outlined.”
The unsecured creditors and Simon both argued that General Growth’s effort to lengthen its exclusivity period would impede other bidders from making their own proposals to buy or invest in the mall operator, which filed for Nike Basketball Shoesbankruptcy protection last year. Brookfield’s plan is now a de facto “stalking horse” bid, setting a floor for all offers for the company.
Judge Gropper said repeatedly that his intent was for General Growth to let all plans to acquire or recapitalize the company proceed without hindrance, saying that “the playing field will not be tilted.”
“We appreciate the court’s decision to shorten the exclusivity period requested by General Growth,” Simon said in a statement after the hearing. “The court has made it abundantly clear that General Growth must air force 1 High
4now conduct a truly fair process with all parties on a level playing field.”
The ruling on Wednesday does not preclude Simon or other potential bidders from making offers. But it does leave General Growth in the driver’s seat, giving it until mid-July to work on its plan, while making other potential bidders submit offers through an auction process.
Mr. Nolan testified that about four or five parties had signed nondisclosure agreements, necessary for potential bidders to conduct due diligence. Analysts have said that other real estate companies may be interested in acquiring pieces of General Growth’s portfolio.Allen Iverson ShoesOther NBA Star ShoesDirk Nowitzki ShoesSteve Nash ShoesNike air force 1 HighNike air force 1 LowNike air force 1 Low 07